Bulgaria’s Drujba Glassworks turns to net profit in 2016

Bulgarian glassware and bottle maker Drujba Glassworks announced recently that it has turned a net profit of 16.1 million levs ($8.7 million/8.2 million euro) in 2016, from a net loss of 9.8 million levs in 2015.

Sales revenues fell to 249.7 million levs in 2016, from 263.8 million levs a year earlier, Drujba Glassworks said in its annual financial report, filed with the Sofia bourse.
Production costs dropped to 189.6 million levs, from 206.3 million levs in 2015.
Other costs fell sharply to 7.1 million levs in 2016, compared to 24 million levs a year earlier.
Last year, Greek glassware and bottle maker Yioula sold substantially all of its glass container business, which also included Drujba Glassworks, to Portuguese group BA Vidro for an undisclosed sum. In January, BA Vidro launched a buyout offer for the remaining 0.76% of Drujba Glassworks it does not already own.
Drujba Glassworks has two production units – in Sofia and in Bulgaria’s second-largest city of Plovdiv, in the south of the country.